PART B Retail Industry - The T device Store The following data will be used to answer Tasks 1, 2 and 3. GST is to be ignored for the questions related to The T device Store. The following information is for The T device Store, a retailer of an I-Reader and 9-Inch Personal Tablet. Expenses Advertising (discretionary) SN of Sales Advertising (fixed) 58,000 pa Interest Paid 5400 per month Bank Charges 5180 per month Clerical Staff Wages $16,000 per month Sales Staff Wages $20,000 per month Depreciation Showroom Fittings 513,600 pa Depreciation Office Equipment $7.800 pa General Office Expenses 514,000 pa Rent - Showroom 57,400 per month Rent - Office 54,000 per month Stationery 5260 per month Telecommunications 51,000 per month Workers Compensation 2% of total Wages/Salaries Insurance $18,000 pa Superannuateon 9.50% of total Wages/Salaries The T Device Store divides inventory into two categories: I-Readers 9-Inch Personal Tablet The T device Store sets the selling price of all goods by marking up the cost of purchases by 100%% for all categories.Having taken into account industry trends and the current economic conditions, sales are expected to be as follows: July August September October I-Readers 5 80,200 575,400 573,000 572,000 3-Inch Personal 5 65,000 5 54,000 $ 59,000 5 59,500 Tablet The T Device Store likes to hold enough stock to meet expected sales as follows: I-Readers: 80% of the cost of expected sales for the next month 9-Inch Personal Tablet: 70% of the cost of expected sales next month Purchases of 9-Inch Personal Tablet has already been calculated by the Assistant Accountant to be as follows: July 527,975 August $28,375 September $29,325 For this question, you will need to insert the data yourself into the Worksheet page labelled 'Part B Data'. Task 1 Using the above data supplied for The T device Store, prepare a Purchases Budget for the quarter July to September 2018 for I-Readers only. Task 2 Using the above data supplied for The T device Store, prepare a Cost of Goods Sold Budget for the quarter July to September 2018 for 9-Inch Personal Tablet only. Opening and closing values of Inventory as well as purchases are to be included. These amounts are later required for inclusion in Task 3. Task 3 Using the above data supplied for The T device Store, prepare a Budgeted Income Statement showing classified expenses and using a periodic inventory system for the quarter July to September 2018. Note that in your answer, a total for the Quarter is acceptable and individual months are not required.PART B - Task 1 The T Device Store Purchases Budget for I-Readers for the Quarter July - September 2018 July Aug Sept Total Oct Sales Forecast 80,200 76,400 73,000 229,600 72,000 Cost of Sales 40,100 38,200 36,500 114,800 36,000 add Closing Stock 30,560 29,200 28,800 88,560 28,800 Requirements 70,660 67,400 65,300 203,360 64,800 less Opening Stock 32,080 30,560 29,200 91,840 28,800 Required Purchases 38,580 36,840 36,100 111,520 36,000PART B - Task 2 The T Device Store Cost of Goods Sold Budget for 9-inch Personal Tablet for the Quarter July - September 2018 July Aug Sept Total Oct Workings - Sales 65,000 54,000 59,000 178,000 59,500 Workings - COGS expected 32,500 27,000 29,500 89,000 29,750 Opening Inventory 22,750 18,900 20,650 62,300 Purchases (Provided) 27,975 28,375 29,325 85,675 Goods available for sale 50,725 47,275 49,975 147,975 Closing stock 18,900 20,650 20,825 60,375 Cost of Goods Sold 31,825 26,625 29,150 87.600DATA for Part B, Tasks 1, 2 & 3 Advertising (discretionary) 5% of sales Advertising (fixed) 8,000 per annum Interest paid 400 per month Bank Charges 180 per month Clerical Staff Wages 16,000 per month Sales Staff Wages 20,000 per month Depreciation Showroom Fittings 13,600 per annum Depreciation Office Equipment 7,600 per annum General Office Expenses 14,000 per annum Rent - showroom 7,400 per month Rent - office 4,000 per month Stationery 260 per month Telecommunications 1,000 per month Workers Compensation 2% of total Wages/Salaries Insurance 18,000 per annum Superannuateon 9.5% of total Wages/Salaries Mark up 100% of cost of Purchases both I-Readers & 9-Inch Personal tablet I-readers Sales July $ 80,200 I-readers Sales Aug 76,400 I-readers Sales Sept $ 73,000 I-readers Sales Oct $ 72,000 9-Inch Personal tablet Sales July $ 65,000 9-Inch Personal tablet Sales Aug $ 54,000 9-Inch Personal tablet Sales Sept S 59,000 9-Inch Personal tablet Sales Oct 59,500 I-readers Stock level 80% of the cost of expected sales for the next month 9-Inch Personal tablet Stock level 70% of the cost of expected sales for the next month 9-Inch Personal tablet Purchases July $ 27,975 9-Inch Personal tablet Purchases Aug |$ 28,375 9-Inch Personal tablet Purchases Sept $ 29,325 50%